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pahunkboy -> Property taxes in county falling (6/14/2010 6:25:02 PM)
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Property taxes in county falling
Some 405,000 Los Angeles County homeowners will have up to 1,800 reasons to smile this year following the latest reassessment of property values. The average annual tax bill for affected homeowners will fall between $1,500 and $1,800, LA County Assessor Robert Quon said Wednesday after reviewing 405,000 homes. Similar reviews done last year and in 2008 resulted in lower property taxes for more than 330,000 homeowners. For single-family homes, the average value reduction was $162,000, amounting to an average property tax savings of $1,800, Quon said.
The assessed value of properties in the county is expected to drop 2.3 percent this year - compared to just a .05 percent dip last year, Quon said. The drop, the largest in recent history, will further reduce the county's property tax revenues, which have already fallen by $132 million in the last two years. The county expects to collect $3.7 billion in property tax revenues next fiscal year. The decline in property tax revenues comes as the number of people seeking $221 a month in checks from General Relief, the county's welfare program, has increased more than 60 percent from 58,000 in 2007 to nearly 94,000 today, Assistant Chief Executive Officer Ryan Alsop said.
"Local property tax revenues provide us the money to operate the county and are directly related to the ... assistance we provide," Alsop said. Quon conducted the decline-in-value review as part of an ongoing effort to reduce the assessed values of homes whose prices dropped in the housing offering to submit a review application for a substantial fee," Quon said./snip
http://www.dailynews.com/ci_15214431?IADID=Search-www.dailynews.com-www.dailynews.com
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